Introducing Ghost Skyscrapers – NYC Real Estate Goes Full Retard

Screen Shot 2014-07-10 at 12.59.26 PMLate last month, New York Magazine published a lengthy and very important article titled: Stash Pad – Why New York Real Estate is the New Swiss Bank Account. The entire article is well worth a read, and left me shaking my head in disbelief the entire time. As someone who grew up in New York City, it’s a real shame to see the continued transformation of Manhattan into nothing more than an oligarch playground, or as I sometimes like to call it, “Disneyland for Wall Street.”

One of the most shocking and disturbing revelations from that article was the fact that:

“The Census Bureau estimates that 30 percent of all apartments in the quadrant from 49th to 70th Streets between Fifth and Park are vacant at least ten months a year.”

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Ring the Bell for Manhattan Real Estate: Calpers Buys the Top Again

The dumbest of the dumb money has finally decided now is the time to buy Manhattan apartments.  The California Public Employees’ Retirement System (colloquially known as Calpers) just loves taking assets off of other people’s hands at the top.  Let’s not forget the 10,200-acre desert site in Arizona they bought for $400 million in 2006, which … Read more